Budget addresses deficit and economy through balanced approach
FREDERICTON (GNB) – The provincial government tabled its 2013-14 budget today which makes strategic investments to strengthen the economy, while addressing the provincial deficit with spending efficiencies and revenue initiatives.
"We are committed to correcting the province’s structural deficit which was created by poor management decisions in the past and worsened by the sluggish global economy,” said Finance Minister Blaine Higgs. “While we need to take action on our declining revenues, we will also continue to manage taxpayers’ dollars smarter and strengthen the economy today so that we can have a brighter future.”
For 2013-14, the province is projecting a total deficit of $478.7 million. Excluding an unusual one-time pension expense of $110 million, an operational deficit of $368.7 million is projected.
